Paysign, Inc. has entered into a proposed settlement to resolve derivative actions brought on behalf of the company against certain directors and officers.
The settlement aims to compromise, discharge, and settle the Released Claims and dismiss the Derivative Actions with prejudice.
The proposed Settlement includes corporate governance reforms and procedures that the Company will adopt and maintain.
Settlement Terms
The Stipulation and Settlement aim to fully, finally, and forever resolve the Released Claims and dismiss the Derivative Actions with prejudice.
Corporate Governance Reforms
The proposed Settlement requires Paysign, Inc. to adopt and maintain specific corporate governance reforms and procedures.
Financial Implications
Defendants' insurers are to pay Plaintiffs' Counsel attorneys' fees and expenses worth $607,500, subject to Court approval.
- The Settlement is intended to bring closure to the derivative actions and enhance Paysign, Inc.'s corporate governance practices.
- The financial implications of the Settlement involve significant payments by Defendants' insurers towards attorneys' fees and expenses.
Overall, the proposed Settlement signifies a step towards resolving the derivative actions and implementing corporate governance reforms at Paysign, Inc.